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BofA’s Moynihan: Trading unit faces further cost cuts

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UPDATE 1-BofA’s Moynihan, known for fixing and cutting, must now build. the enormity of the obstacles that Moynihan still faces. Total revenue dropped 25 percent on a further decline in.

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Bank of America, the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue improves, CEO Brian Moynihan said Wednesday.

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For various reasons, our savings are not sufficient to pay for college given the current costs that I see. As home mortgage refinance rates have dropped to their lowest levels in my lifetime (around 3.75%), I had the notion of conducting a refinance on our home mortgage and pulling some money out to help pay for college costs.

CEO Brian Moynihan said at a conference on Tuesday that it cost his bank up to $500 million of revenue per quarter when it exited the trading activity banned under the Volcker rule. But he said the.

BofA’s Moynihan: Trading unit faces further cost cuts The announcement regarding the job cuts is not out of blue. BofA Chairman and CEO, Brian Moynihan had hinted at the same at the World Economic Forum in Davos. Notably, the company intends to keep its quarterly operating expenses below $13 billion in 2016.